BTEC BUSINESS UNIT 1 questions with correct answers 2023

BTEC BUSINESS UNIT 1 questions with correct answers 2023Business An organisation or economic system where goods & services are exchanged for money. Private sector the part of the economy that involves the transactions of individuals and businesses Public sector the part of the economy that is controlled by the government Not for profit sector A business dedicated to furthering a particular social cause or advocation for a shared point of view Sole trader A business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits Partnership a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Private limited company A business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public. Public limited company A limited company whose shared are freely sold and traded